Normally, to have protection against financial losses, which may arise due to damage to resources such as, for example, property, vehicles, and other valuable items, a variety of risk management instruments are provided by various organizations. A risk management instrument may be in form of a contract involving an end user, i.e., a user who wishes to have protection against such damages, and an organization, which provides such risk management instruments. One or more risk management instruments may be offered to a user by an organization based on needs and requirements of the user and the assessment of the user by the organization.
In case of damage to a resource, the user may claim benefits to compensate the financial loss that may have occurred due to the damage. Such losses may be financial or may be reducible to financial terms. The organization, on receiving such a claim settlement request, may assess the extent of damage to the resource; and based on the conditions of the risk management instrument, determine corresponding losses and compensate the user.
The process of determining a suitable risk management instrument and subsequent damage assessment is often complex, cumbersome, requires skilled labor/worker, and is prone to errors. For instance, in case of an inappropriate risk management instrument being selected, either the user may not be adequately covered or the organization may have to bear expenses, which could have been avoided if the risk management instrument was intelligently selected for the user. Likewise, damage assessment involves physical analysis a resource, which may be limited by human resources or their limited knowledge and skills. In case of inappropriate damage assessment, either the organization may have to compensate for losses, that weren't present or a user may be under-compensated.
Moreover, supervisory control and data acquisition (SCADA) system and network are applied as ways of gathering and analyzing data within risk management domain as corner bars. However, such a system may also have certain disadvantages and limitations. The network and SCADA system may be a wireless network, a wired network, or a combination thereof. Such networks, as would be appreciated include a variety of network devices, including routers, bridges, servers, computational devices, storage devices, and the like. In this kind of infrastructure and network organizations, the network and SCADA system connections are easily removed, easily disconnected, unreliable, and troublesome oftentimes.
Thus, the selection of an appropriate risk management instrument, damage assessment (also referred to as claim adjudication), and instant repair/recover services often require skilled worker, which may make the entire process costly, time consuming, and resource intensive. Still further, despite possessing highly skilled worker, the knowledge of the worker may be limited to certain domains, thereby making the entire process inefficient. Moreover, such processes are prone to errors due substantial manual intervention and analysis, for instance, due to biased judgments and lack of knowledge.
On the other hand, an automated system, for instance, a systematic implementation of an automated claim adjudication process, may not be able to efficiently replicate human knowledge, which may also result in errors and inefficient utilization of computational resources deployed for automated analysis. Moreover, currently available systems focus on a reactive approach, i.e., compensating when damage has occurred but may lack mechanisms to proactively prevent such damages from occurring.
This presents a technical problem of devising risk management systems that can provide for efficient analysis of risk management instruments to reduce cost (computational and otherwise), minimize computational and other errors, and better utilization of manual and computational resources. This disclosure involves creations and selections of a suitable risk management solution/tool/instrument, reasonable policies/contracts, appropriate determination of damages, proactive prevention of probable damage, and intelligent and prompt damage repairs, which provides protections against losses including financial losses, intangible assets losses, and opportunity costs.